CPP Group UK has acquired the travel insurance and scheme specialist business Alpha Underwriting

Eleonora Gallina
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CPP Group UK has acquired the travel insurance and scheme specialist business Alpha Underwriting
CPP Group UK, the Managing General Agent (MGA) and insurance product and services provider, is announcing today that it has acquired the travel insurance and scheme specialist business Alpha Underwriting. The deal sees CPP grow its broker network to over 500-strong in just three years. The acquisition includes Alpha’s general insurance broker network and broker portal, which provides online quote, purchase and administration tools for brokers for a range of travel insurance products. Following the acquisition, CPP will develop Alpha’s existing suite of travel insurance products – which include a range of Covid covers – to brokers on the portal, with further travel insurance enhancements coming soon.
This expands CPP’s travel-related insurance product and service portfolio and sees the business build upon its current position as a leader in the global parametric travel insurance market, having launched the UK’s first parametric lost luggage product in 2021. CPP’s parametric travel insurance ancillaries for flight delay and lost luggage delay will be available on the portal later in the year. The deal with Alpha, part of the Tedaisy Insurance Group, is CPP’s second acquisition in three years, following the 2019 acquisition of insurance broker Business & Domestic.
Carl Carter, CEO of CPP Group UK, said: “This is an exciting acquisition for CPP Group UK, enabling us to bring our range of innovative insurance products and services to large numbers of brokers in a simple, accessible way. It’s also an important part of our growth strategy for the year ahead: branching out into travel insurance is a natural evolution for us and builds on the successful launch of our parametric lost luggage travel insurance product last year and our range of parametric travel insurance solutions. “Over the coming months, we’ll be scaling up our offering on the Alpha broker portal to provide a comprehensive suite of general ancillary insurance products beyond the travel insurance market. We have a strong portfolio of insurance products that can add real value to the 400+ brokers on the Alpha platform, and help them protect their customers from the everyday disruptions of life whilst generating valuable revenue in these challenging economic times.”
CPP is planning to go live on the Alpha broker portal with its key insurance, excess protect insurance and total loss protect insurance products for home and vehicle within the next quarter.

Drax donates £10,000 to Shelter

Eleonora Gallina
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Drax donates £10,000 to Shelter
Employees at Britain’s biggest renewable power station have donated over £10,000 to the charity Shelter, which aims to end homelessness and poor housing in Britain. Drax’s Christmas parties did not go ahead this year, in order to reduce Covid risks, and instead employees were offered a festive hamper or to donate the equivalent value to the charity Shelter. As a result of the generosity of employees, Drax raised more than £10,000 for the charity, which provides support to thousands of people in the UK who face homelessness and unsafe housing. Alan Knight, Drax’s Director of Sustainability, said: “I hope the generosity of Drax’s employees will help Shelter to deliver the vital services to those most in need of safe housing this winter. “Drax has a long history of supporting charities and it is important that we continue to do so especially at the moment, as their ability to fundraise and provide services to vulnerable people has been impacted by the pandemic.” Drax is committed to supporting the communities local to its operations. It has invested more than £840,000 to support its customers and local communities since the start of the Covid-19 crisis.

Announcement of board changes for PFG and Vanquis Bank

Eleonora Gallina
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Announcement of board changes for PFG and Vanquis Bank
PFG announces the next phase of its strategy to reinforce its position as a leading specialist bank with a focus on the financially underserved.
With effect from today, PFG has restructured the Board of Vanquis Bank to substantially align its membership with the Board of PFG. This is an important step in the execution of the Group’s specialist bank strategy, which includes the wider use of retail deposit funding across the Group from H2’22. PFG believes that streamlining the Boards of the two legal entities in this way will create a simpler, more efficient Group governance structure, whilst streamlining and enhancing both PFG and Vanquis Bank’s handling of corporate governance. As part of the new governance structure, and with effect from today, the following directors of PFG have each been appointed to the Board of Vanquis Bank, such that they now hold roles on the PFG and Vanquis Bank Boards, as well as to the relevant Board Committees of Vanquis Bank: Patrick Snowball (Chairman), Malcolm Le May (Chief Executive Officer), Neeraj Kapur (Chief Financial Officer), Andrea Blance (SID and Remuneration Committee Chair), Angela Knight (NED), Paul Hewitt (NED), Graham Lindsay (NED) and Margot James (NED). Elizabeth Chambers will retain her position on the PFG Board as an Independent Non-Executive. Subject to receipt of applicable regulatory approvals, Angela Knight will take on the role of Risk Committee Chair of Vanquis Bank and Paul Hewitt will take on the role of Audit Committee Chair of Vanquis Bank. As a consequence of these changes, Robert East (Independent Non-Executive Director on PFG Board and Chairman of Vanquis Bank) will step down from the PFG Board and Vanquis Bank Board with effect from today. Each of the other existing Non-Executive Directors on the Vanquis Bank Board will step down from the Vanquis Bank Board with effect from today. In addition, Neil Chandler (Managing Director) and Gary Thompson (Finance Director) of Vanquis Bank have decided to leave PFG. They will each step down from their roles as directors on the Vanquis Bank Board as of today’s date and will leave PFG on 31 March 2022 following a handover period.

Patrick Snowball, Chairman of PFG said:“I would like to thank Robert for his Chairmanship of the Vanquis Board and his support and thoughtful contributions as a member of the Group Board. I would also like to extend my gratitude to the other departing members of the Vanquis Bank Board for their help and support.”

Malcolm Le May, CEO of PFG said: “Neil Chandler and Gary Thompson successfully managed Vanquis Bank during the pandemic whilst also developing its loan proposition, a key strategic objective, and have guided the division back to receivables growth. I thank them for their dedication and wish them the best for their future endeavours.”

Other than the resignation referred to above, the Board of PFG remains unchanged.

Yorkshire business receives six figure boost from HMRC Research and Development Incentive

Michael Fisher
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Yorkshire business receives six figure boost from HMRC Research and Development Incentive

Yorkshire based fleet management company Autohorn Fleet Services Ltd has benefited from a cash boost of over half a million pounds, following a successful claim through HMRC’s R&D tax incentive. 

 

The monies have been received back into the business over the last four years as Altrincham-based Research & Development Specialists (https://randdspecialists.co.uk/) identified that the development of a new piece of bespoke software created to streamline Autohorn’s internal processes, was eligible for tax relief under the Government’s scheme. 

 

Autohorn Fleet Services Ltd was introduced to RDS through a mutual business contact and Fraser Maclean, Fleet Director at Autohorn admits he was initially sceptical. Yet having seen the benefit that a successful claim has had to the business, he now wouldn’t hesitate to recommend that other bosses follow suit and pursue a claim. 

 

“I was a bit dubious at first I have to admit,” begins Fraser. “When you first look at it you think, ‘oh we’re never going to get much from that’, but the amount we were spending on the new software system was a considerable investment, so we decided to look a little closer.  

 

“When we spoke to RDS they gave us the reassurance that this is an incentive the Government is keen to push. Because we had a legitimate development that was already underway to improve the business, we decided to see if we were eligible.” 

 

Following a full financial audit, the team of financial analysts at RDS were quick to identify numerous costs from the software development project that would qualify for tax relief. And because Autohorn has continually invested in the project, it has been able to take part in the scheme over a number of consecutive years, culminating to a total of £500,000. 

 

Fraser continued: “The software has completely transformed our business. Previously we would have had six different systems to do the same job but now everything is synchronised together in one place.  

 

“We estimate conservatively that it has saved us well over 780 workdays, but to be able to offset the costs as well has been amazing for us really. What it has allowed us to do is continually improve and develop the software and really invest that money back into making our business even more efficient.” 

 

Research & Development Specialists Ltd (RDS) works with hundreds of blue-chip clients as well as SMEs across the country and has claimed over £23,000,000 back to support businesses since it was incorporated nearly five years ago. With the average claim across the UK now being around £53,714, Mark Joyner, RDS Managing Director, outlines how a simple thirty-minute meeting to discuss eligibility could reap big rewards. 

 

“Either through lack of awareness or time constraints, companies such as Autohorn Fleet Services Ltd could’ve missed out on huge sums of money that would be transformative for their businesses. We’ve had clients who have literally been kept afloat during the pandemic thanks to the money we have been able to recover for them.  

 

“There’s a misconception that research and development is just about people in lab coats or operating microscopes, but it really can be any type of new product or service. As specialists in our field RDS can quickly identify a firm’s eligibility and simplify the entire process, with no cost to you until a successful claim has been submitted and recovered.” 

 

Fraser Maclean concluded: “As a rapidly growing business, time is precious, so it was ideal for us to have a team of specialists who could visit our office and take just a couple of hours of our time.  

 

“We know that RDS will always give us direct, honest and accurate advice and input relating to our R&D projects, and it is great that we can pick up the phone anytime and discuss anything related to R&D with their team. We’re now outperforming where we were before, despite the pandemic where without the improvements we’ve been able to make we may have been struggling. Our accountants were so impressed with RDS that they now recommend them to their clients.” 

 

AMC appoints new regional agriculture manager to head its team in Lincolnshire

Tess Egginton
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AMC appoints new regional agriculture manager to head its team in Lincolnshire
The Agricultural Mortgage Corporation (AMC) has appointed a new regional agricultural manager for East Anglia and Lincolnshire. Declan Wilson joins the AMC team having previously worked at Lloyds Bank Commercial Banking as an agricultural relationship manager. He brings more than a decade of banking experience to the role, along with links to agriculture through his extended family. Having initially joined Lloyds Bank in 2017 as a relationship manager within the bank’s SME and Mid Corporate Commercial Banking’s specialist agriculture team, Declan has since worked with a diverse range of farming businesses across Lincolnshire, Cambridgeshire, and East Anglia, helping them to secure funding, structure transactions and advising on liabilities. In his new role, which is effective immediately, Declan will head a team of agricultural sector experts that provide financial expertise, funding, and guidance to around 1,300 farming businesses. Declan, who lives in Boston, will also work alongside AMC’s team of 27 independent land agents who carry out the business’s loan application and valuation work, as well as 14 valuers in the region. Commenting on his appointment, regional agricultural manager for East Anglia and Lincolnshire, Declan Wilson, said: “East Anglia is a key area of focus for AMC and I’m looking forward to working closely with local farming businesses. “Whether they’re looking at renewable energy technology to reduce their carbon footprint, have ambitions to diversify their existing operations into new markets, or need investment to purchase new land or machinery, we are committed to helping them achieve their ambitions.” Lee Reeves, AMC’s Managing Director, added: “Declan’s appointment comes at a time when British farming is undergoing a period of considerable change, with the phasing out of the BPS, recent severe weather, as well as the ongoing challenges of the Covid pandemic. “But against all this, we’re continuing to see a strong appetite from rural businesses who want to diversify and modify their operations to generate new revenue streams. This senior appointment brings additional resource and expertise to AMC’s proposition in the region as we look to support even more local farmers achieve success over the long-term.” The appointment marks a new era for AMC in the region, with Declan stepping up to lead the East Anglia and Lincolnshire team following the departure of his predecessor Mike Lord.

Eco-friendly offices: a guide for creating a green workspace

Tess Egginton
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Eco-friendly offices: a guide for creating a green workspace
With the rise of eco-friendly and sustainable businesses, it has never been more critical to create an environmentally friendly office. As we become more aware of the impact we have on our world and on each other, we need to find ways to lessen that impact. Creating a green workspace is not only environmentally-friendly, but it can also be a great way to show your employees that the company values sustainability. In this guide, we’ll provide you with some practical tips for how you can create a green workspace. The importance of creating an eco-friendly office As we become more and more aware of the impact we have on our environment and on each other, it’s essential that you find ways to lessen it. One of the best ways to do that is by creating an eco-friendly workplace. An environmentally-friendly office will not only be good for the planet, but it will also show your employees that the company values sustainability. This is a great way to boost your business’s image while also doing some good for the world. A lot of businesses are starting to make changes to their workspace in order to create a more eco-friendly environment. For example, many companies are looking at sustainable materials for their furniture, installing energy-efficient lighting, and providing recycling bins. Bring the outside in with biophilia One of the simplest ways to create a green workspace is by adding plants. Plants are not only aesthetically pleasing, but they also act as natural air purifiers and humidifiers. And who doesn’t love having fresh, clean air? Additionally, plants promote productivity and creativity in your employees, which can actually result in higher sales. Biophilia is the desire for humans to be close to nature. We all feel happier when we’re near plants or flowers, so why not bring them inside your office building? It’s a great way to make people happy! Plus, they’ll bring life to your space. For more information or help bringing the outside into your workspace, take a look at this post from Amos Beech on biophilia in the office. Create a culture of recycling A big part of creating a sustainable environment is to make recycling an everyday habit. You can incorporate sustainability into your office by having a designated space for recyclables and making sure everyone in the office knows what goes in there. Make it easy for employees to recycle by having bins in shared spaces, such as the kitchen and break room. This will encourage people to participate in recycling even when they’re not near their desks. But public awareness is just the first step as you also need to educate your employees about what can and cannot be recycled. Practice responsible lighting and energy use Another step to creating a green workspace is to reduce your environmental impact by making changes with the lights and energy in your office. How often do you leave your lights on when you know no one is there? Do you leave your computer on at night when there’s a deadline coming up? Turn off these devices when they’re not being used so you can save money and have a more environmentally friendly office. Also, think about the type of light bulbs you’re using. You’ll want to switch to more eco-friendly bulbs that will last longer and use less energy. Making these swaps and more is sure to have a positive and lasting impact on your workspace, with it looking eco-friendlier in no time!

Finance Yorkshire secures multi-million pound exit from Faradion

Tess Egginton
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Finance Yorkshire secures multi-million pound exit from Faradion
Finance Yorkshire has realised its investment in Sheffield-based Faradion after the sodium-ion battery business was acquired by India-based Reliance Industries. The sale represents a significant exit for Finance Yorkshire’s Seedcorn Fund, which initially invested in Faradion in 2010 and has since made follow-on investments to help the company scale up its innovative technology and go from strength to strength. The exit represents a return of more than 10 times Finance Yorkshire’s total investment. Reliance Industries has acquired a 100% shareholding in Faradion in a deal which values the company at £100m. Reliance will provide a further £25m on top of its purchase price to support a commercial roll-out of Faradion’s batteries, which it intends to use at its green energy giga complex project at Jamnagar, India. Faradion, based at The Innovation Centre, Sheffield, was founded in 2010 by Dr Jerry Baker, Dr Chris Wright and Ashwin Kumaraswamy. Finance Yorkshire Chief Executive, Alex McWhirter, said: “This is a significant exit for our Seedcorn Fund, representing an excellent return on our investment and one of the biggest we have achieved. “Alongside Mercia Asset Management, Finance Yorkshire is proud to be a founding investor in Faradion and through strategic follow-on investments, Finance Yorkshire has helped the business to advance its technology and thrive on a bigger stage. “The return on our investment in Faradion ranks as one of the top returns from JEREMIE funds across the country. The exit will be added to Finance Yorkshire’s new fund which will invest more than £50m over the next five years in SMEs across Yorkshire and the Humber.” James Newman, Finance Yorkshire chairman, said: “Working with our Seedcorn Fund managers from Mercia and the Faradion management team, significant technological advances have been achieved. Reliance Industries’ future financial commitment into Faradion secures a legacy for the region.” James Quinn, CEO of Faradion, said: “Faradion has been one of the first to champion sodium-ion battery technology. Reliance is the perfect partner for supporting Faradion’s growth in the rapidly expanding Indian market and to jointly speed up the transformation of the global energy market. Becoming part of the Reliance group validates the incredible work our team has done in advancing sodium-ion technology.” Finance Yorkshire’s new fund has been created from the combined legacies successfully created by Finance Yorkshire and the former South Yorkshire Investment Fund. Finance Yorkshire’s JEREMIE and Extension Funds invested £113m in more than 500 companies in the region.

HW Global acquires majority shareholding in digital recruitment specialist

Tess Egginton
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HW Global acquires majority shareholding in digital recruitment specialist
HW Global has made a further acquisition in the digital recruitment market after securing a majority shareholding in Osmii. The London-based development, cloud and digital recruitment specialist, which was founded by Xavier Osipczak and Neil Mitchell in 2011, places senior talent into disruptive start-ups, major software players and game-changing brands on a permanent, contract and interim basis. Osmii also supports clients with advisory services, market intelligence and entity set up. Operating globally, its client base includes India-headquartered Wipro, Germany based T-Systems, US based DellEMC, with Unilever, BT and Lloyds Bank among its UK customers. The deal follows HW Global’s acquisition of Zebra People, which specialises in hiring digital product teams, in 2019. Also London-based, Zebra was launched in 2001 by Nick Cochrane and recruits up to director level for permanent and contract roles including user experience and product design, full stack developers, product managers and delivery/project managers. It takes the HW Global group, which also includes mid-market talent provider HW People launched last year, to £30m turnover with offices in London, Leeds and Manchester. CEO Spencer Jinks said: “Osmii is an exceptional business and fits perfectly within the HW Global group. Alongside Zebra People, Osmii will enable us to provide even greater support to our clients in the fast-moving digital and technology sectors that have quickly become a cornerstone of the global economy. “Forming this strategic partnership is another key component in our growth strategy, offering clients end-to-end talent solution on a global basis in targeted sectors of high growth, transformation and demand.” The strategic partnership will facilitate mutual growth for both businesses, with HW Global forecasting a group EBITDA in 2022 of £3.7m, which will include the results of Osmii. Neil Mitchell, director of Osmii, added: “Working closely with HW Global provides a springboard to further scale our business both in UK and international markets. We have built a strong reputation in the industry, which we can enhance further through this partnership, combining our capabilities with the expertise and global reach that exists in HW Global.” Advising HW Global on the acquisition of Osmii was Newcastle-based RG Corporate Finance (RGCF) led by partner and head of corporate finance, Carl Swansbury, supported by CF manager Connor McBride and CF executive Ben Kain. Financial and tax due diligence was undertaken by RG partner Grahame Maughan and director Jon Routledge. Legal advice to HW Global was provided by Philip Ashworth, corporate partner at Andrew Jackson Solicitors LLP, who was supported by Nicole Waldron. Osmii received legal advice from Chris Coates, corporate partner at Clintons.

Additional funding will support Tower Street Finance’s ambitious growth plans

Eleonora Gallina
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Additional funding will support Tower Street Finance’s ambitious growth plans
Following a successful 2021, Tower Street Finance, the inheritance lending specialist, has successfully closed its latest funding round. The latest round raised £18.2m of debt and equity, to fund growth through 2022. The total raised now stands at £36.2m. 2021 saw Tower Street Finance establish itself as the market leader in the sector, securing relationships with the leading practitioners in the probate sector, helping many customers and firms, and achieving an ‘excellent’ Trust Pilot rating for customer service. Additional funding has enabled the business to double its headcount in Q4 2021 with key hires in Marketing, Business Development, Operations and Credit. This additional resource will ensure TSF has the headcount to deliver its growth plans for the new year and beyond. Tower Street Finance’s Finance Director Jim Sisson said: “We’re really pleased to have successfully closed this latest funding round. Funds raised will help accelerate our plans and meet our growth aspirations through the first half of 2022 and beyond. The additional funding demonstrates continued faith in the team, sector and our business plan.” “We are enormously grateful to our shareholders and debt-funders for their ongoing support.” Funds were raised from existing shareholders, including a leading London-based private equity and alternative credit fund provider. The TSF team was supported by DAC Beachcroft LLP, led by Chris Wall and Mike Pearce. Tower Street Finance is regulated as a Lender by the FCA and currently offers four products to help customers who are going through the probate process – Inheritance Advance, IHT Loan, Estate Expense Funding and Inheritance Dispute Funding. Tower Street Finance’s business development director Dicky Davies says: “Our products were designed in conjunction with feedback from probate professionals and the firms we’re partnered with tell us our products add to their service proposition, whilst saving time and cost. In particular our funding can help unlock problem estates which are asset rich and cash poor.” Find out more about partnering with TSF at https://towerstreetfinance.co.uk/partner-with-us/, email info@towerstreetfinance.co.uk or call 0343 504 7100.

£100,000 digital marketing investment builds on sales boom for Conservatory Outlet

Michael Fisher
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£100,000 digital marketing investment builds on sales boom for Conservatory Outlet
A leading home improvement product supplier has pressed the button on an £100,000 digital marketing drive to help its UK-wide network of retailers enjoy a strong 2022. Wakefield-based Conservatory Outlet is working with DigitalKOG to develop the latest lead generation focused websites that will be tailored to all 27 retailers that exclusively sell their conservatories, extensions, doors, windows, and orangeries. These sites will feature enhanced product collections, improved navigation to support the customer journey and a clearer insight into company values, including what makes them different, quality standards, manufacturing processes and helpful guides. They will also have a dedicated ‘careers’ section that will help the sector overcome the significant recruitment issues it is facing. “The pandemic has really highlighted how important digital marketing can be to our business, with more than a third of our £28m sales generated through email or website enquiries for our network,” explained Karen Clough, Marketing Director of Conservatory Outlet. “Last year, our collaboration with DigitalKOG and our retailers generated over 46,500 enquiries, a 7% rise on 2020 and a massive 150% increase on 2019. Website hits also registered 1.8million for the first time in our history, as more consumers decided to spend their time and disposable income on improving their homes. “Interestingly and proving that people still crave human interaction (especially during Covid-19), over 73,035 potential sales calls were received, whilst showroom visits were also significantly up.” She continued: “You can’t stand still in our industry. We wanted to build on 2021’s momentum by investing £100,000 into our next digital marketing campaign. This will create new websites for all 27 firms in our network, and we’re also facilitating a major marketing event in Manchester in February to develop strategies for the next twelve months.” Conservatory Outlet, which recently secured the ‘We Invest in People’ accreditation for the first time, focused on seasonal offers and specific dealer advantages, such as new products, showrooms, finance and living experience case studies. Individual customer brands were also strengthened, whilst social media campaigns explored Instagram more and split tested different Facebook approaches, including lifestyle animations and real-life video case studies. Karen went on to add: “We firmly believe that leads are best generated directly and exclusively for our individual customers, as opposed to being passed on from a central source. It’s all about building strong brands that make an impact in their own right.” “The past two years have taught people that their homes are more important than ever, and for that reason they’re willing to spend on improving them. “We believe this trend will continue. Although the industry has been hit with multiple significant price increases and extended lead times, people are still very willing to purchase… it’s all about buying from the right company, so trust and service are very important.”
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